We know insurance can be confusing, so we have made up a list of the most common questions that we receive about inflatable rental insurance. If you have a general question that is not on the list please feel free to ask in the comments box! We will answer your question & may even add it to our list of FAQ’s.
1. Why do I need loss runs? I don’t have any losses!
Loss runs are needed in order to get a clear picture of your claim history, to look for patterns of loss which may cause underwriters concern, to verify prior insurance coverage for underwriting purposes & to calculate loss ratio.
In order to protect ourselves and to be fair to every one we need to see your loss history in writing. Just like you would need to show pay stubs to get a loan or a car insurance company checking your driving record.
2. What is Inland Marine Insurance & what does it cover?
Inland Marine coverage protects your equipment from theft, vandalism or fire wherever your equipment happens to be. (Stored, in transit, or at a party) The premium amount will depend on the value of the equipment. In order to get a quote we will need an inventory list with serial numbers & the value of all your units.
3. What is Pay for Play?
Pay for play is a term meaning that money is charged for each person to play in the inflatables. For example if inflatables are set up at an event and each child is charged money for a wristband in order to jump on the inflatables that would be considered play for play. Inflatables at a backyard birthday party are NOT considered pay for play. Even though the are paying to use the inflatables they are not charging each child individually to use the bounce houses.
4. What is an additional insured?
An additional insured is a individual or entity that is not included as insured under your policy, but for whom your insurance policy would provide a certain degree of protection. A general liability policy only provides defense coverage for the named insured, which is the business and its employees/volunteers. If sub-contractors come into your business or activity you need to request insurance coverage from them with limits of at least $1,000,000 per occurrence and name you as additional insured. We would recommend that you do this for their general liability, commercial auto and workers compensation.
5. Can we insure Mechanical Bulls that are set-up in bars?
Because of the higher liability when alcohol is involved it is much harder to find coverage at an affordable rate for mechanical bulls inside of bars. Please call us to discuss your insurance options if you need to insure a bull inside of a bar.
6. What kind of coverage do I need?
Inflatable Rental companies may need several different coverage’s in order to be properly covered. The coverage’s include: General Liability, Inland Marine, Workers Compensation & Commercial Auto.
7. How do I calculate my projected annual sales?
We have created a special calculator for you to calculate what your approximate annual sales will be based on the number of units you rent & how much your charge for each rental. Figure out your projected annual sales